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Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2025
Intangible Assets and Goodwill |
Intangible Assets and Goodwill | 7. Intangible Assets and Goodwill The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Weighted | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​
​ | ​ | ​ | Average | ​ | As of December 31, 2025 | ​ | As of December 31, 2024
​ | ​ | ​ | Amortization | ​ | Initial | ​ | Accumulated | ​ | Net | ​ | Initial | ​ | Accumulated | ​ | Net
​ | ​ | ​ | Period | ​ | Cost | ​ | Amortization | ​ | Balance | ​ | Cost | ​ | Amortization | ​ | Balance
Franchise agreements | ​ | ​ | 12.3 | ​ | $ | 224,231 | ​ | $ | (157,151) | ​ | $ | 67,080 | ​ | $ | 222,055 | ​ | $ | (140,869) | ​ | $ | 81,186
Other intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Software (a) | ​ | ​ | 2.9 | ​ | $ | 55,884 | ​ | $ | (46,455) | ​ | $ | 9,429 | ​ | $ | 57,243 | ​ | $ | (46,829) | ​ | $ | 10,414
Trademarks | ​ | ​ | 10.8 | ​ | ​ | 835 | ​ | ​ | (527) | ​ | ​ | 308 | ​ | ​ | 900 | ​ | ​ | (684) | ​ | ​ | 216
Non-compete agreements | ​ | ​ | 5.0 | ​ | ​ | 12,917 | ​ | ​ | (11,880) | ​ | ​ | 1,037 | ​ | ​ | 12,721 | ​ | ​ | (9,969) | ​ | ​ | 2,752
Training materials | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,400 | ​ | ​ | (2,400) | ​ | ​ | —
Other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 870 | ​ | ​ | (870) | ​ | ​ | —
Total other intangible assets | ​ | ​ | 3.7 | ​ | $ | 69,636 | ​ | $ | (58,862) | ​ | $ | 10,774 | ​ | $ | 74,134 | ​ | $ | (60,752) | ​ | $ | 13,382
(a) | As of December 31, 2025 and 2024, capitalized software development costs of $1.8 million and $1.2 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization.
Amortization expense was $23.5 million, $27.2 million and $29.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the estimated future amortization expense related to intangible assets includes the estimated amortization expense associated with the Company’s intangible assets assumed with the Company’s acquisitions (in thousands):
​ | ​ | ​ | ​
2026 | ​ | $ | 18,650
2027 | ​ | ​ | 11,695
2028 | ​ | ​ | 9,629
2029 | ​ | ​ | 7,194
2030 | ​ | ​ | 6,768
Thereafter | ​ | ​ | 23,918
​ | ​ | $ | 77,854
​ The following table presents changes to goodwill by reportable segment for the period from January 1, 2024 to December 31, 2025 (in thousands):
​ | ​ | ​ | ​
​ | ​ | Real Estate
Balance, January 1, 2024 (a) | ​ | $ | 241,164
Effect of changes in foreign currency exchange rates | ​ | ​ | (3,925)
Balance, January 1, 2025 | ​ | $ | 237,239
Effect of changes in foreign currency exchange rates | ​ | ​ | 2,333
Balance, December 31, 2025 | ​ | $ | 239,572
(a) | As of January 1, 2024, the Real Estate segment had a gross goodwill balance of $253.4 million and accumulated impairment losses of $12.2 million. The Mortgage segment goodwill balance was fully impaired d uring the fourth quarter of 2023, recognizing accumulated impairment losses of $18.6 million. The Marketing Funds segment does not have a goodwill balance.
Impairment charge - goodwill The Company assesses goodwill for impairment at least annually or whenever an event occurs, or circumstances change that would indicate impairment may have occurred at the reporting unit level. Reporting units are driven by the level at which segment management reviews operating results. The Company did not record any goodwill impairments for the years ended December 31, 2025 and 2024. ​ During the fourth quarter of 2023, the Company tested and identified impairment indicators associated with the Mortgage reporting unit in the Mortgage Segment, primarily due to a decline in projected net cash flows resulting from continued macroeconomic pressures and revised franchise sales forecasts. Therefore, the Company fully impaired the reporting unit’s goodwill and recorded a non-cash impairment charge of $18.6 million in “Settlement and impairment charges” in the Consolidated Statements of Income (Loss).

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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